ASB Bank 1H cash profit rises 7 percent on wider margins, increased lending

Tue, 12 Feb 2013

Feb. 13 (BusinessDesk) – ASB Bank, the local unit of Commonwealth Bank of Australia, posted a 7 percent gain in first-half cash profit on increased mortgage and business lending saw growth in interest income outpace operating expenses. Cash profit, which excludes some one-time items, rose to $348 million in the six months ended Dec. 31 from $324 million a year earlier, according to the parent company’s interim results. Net interest income rose 5 percent to $666 million while other banking income climbed 12 percent to $180 million. The value...

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